Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-12-12
BALTIMORE AND OHlOss FINANCES,
Actual Floating and Fixed indebted.
ness Tho New Loans and Their
Effects.

mess -Ino New Loans ana TheiI
Effects.
Besides voting Mr.. Samuel Spencer Sos, 900 as
president OF the company and accepting Mr.
Kings resignation, as stated in Saturdays STAR
the Baltimore and Ohio Railroad directors trans.
acted other important business. committee Of
I'VE. to consist OF three the part OF the stock
holders and oneeach on the part OF the State OF
Maryland and the city OF Baltimore, was ap-
pointed to draft bylaws for the government OF the
company. The terms OF the consolidated mort.
gage bonds OF s29, 600 900 were read and approved
and report adopted The report says that after
dividend OF per cent on May IL last there was
balance from earnings OF 81, eos - besides pro
vision for reduction OF the bonded debt and for
sinking funds TO the amount OF $7so,46l. so
Under the program with the syndicate for the
Issue &c Q, 10000 OF consolidated mortgage bonds
that the entire 50 500 900 Of cartrust bonds Will be
issHtd the charges for 1883 will be s6345, 500 "a
The directors decided to call q meeting OF the
stockholders on January IL to consider the matter
Of issuing S,000,000 OF per cent third preferred
Stock The Hon. A. p. German was appointed a
member or the finance committee report from
the treasurer was presented, showing the assets
o. the company 70 be Sis, 14S 494 and the ia-
which represents Invested capital derived from net
earnings and which is not represented by either
stocks or bonds o.
THE NEW PRESIDENTS CAREER
President Spencer was born at Marietta, Ga,
Military Institute, and In the next year went into
the Confederate army as a member OF an indepen.
dent company OF rangers that did duty In the west
and southwest In 1867 he graduated from the
cheering was appointed to position on the Balti-
more and Ohio Railroad he rose very rapidly to
the place OF chief clerk In the office OF ThoS. K.
sharp. master or transportation, and when Austin
Corbin made Mr.. sharp general manager OF the re-
organized Long Island Railroads he took Mr..
Spencer with him In an important capacity. In
q % n Ilalff Ylar nc
dent OF the Baltimore and 0hio. In December,
1857, he was promoted TO second vice-preSident,
ana IN November. 1854, to first vice, president He
long absences in Europe, but was not responsible
for anything beyond the executive management.
Mr.. KINGS LETTER OF RESIGNATION
The letter OF resignation Of Second Eice-Presi-
dent Thomas N. King, Of the Baltimore and Ohio
Co., was given out last night Mr.. King resigns
because he is advised that harmonious relations
cannot exist II he continues TO hold his position.
The letter then gives history OF Mr.. Kings con-
nection with the road, and shows that as FAR back
a. 1884, when Robert Garrett was elected president
the first time, the president Informed him that the
company was In need OF additional funds TO carry
Counsel Cowen negotiated the Pittsburg Division
loan. In securing this loan, he says, they were
greatly antagonized by New Workers. MIR. King
says when he took charge OF the Philadelphia ex-
tension the Baltimore and Ohio had no contract
with the Reading, which line 1t was intended TO
Use to New York. The charter OF the Schuylkill
depend for a Philadelphia entrance, was vested in
the Reading, and for which a large sum was
asked OF the Baltimore and Ohio. He intinateS
that this was an objectionable piece Of stupidity,
spending millions OF money In the construction or
a line without any definite arrangement for get
ting 1t into Philadelphia or through to New York.
He finally corrected the trouble by obtaining the
East Side Road charter for $64 IT'S, and valuable
contract with the Reading company. Mr.. King
then states, without reserve. the exact cost Of
constructing the Philadelphia line which has al
ways been mooted question among outsiders.
The total cost including the East Side Railroad up
To september 30, 1887, was 81 ,41S,017. The loans
placed upon this property amount TO SIG, 10000
There is, therefore, remainder OF 81 49,, 9s3
From these loans OF this amount $525,0OO VIII be
required to double track % miles between Phila-
delphi and Baltimore, to complete the Philadel-
ph1a passenger station and the terminal facilities
contemplated on the Delaware River. The re-
mainder be thinks ample to pay all adjusted right
OF way.
Mr.. King has forwarded to the respective boards
his resignation as president OF the Schuylkill
River East Side Railroad Co., Sharpsvtle Railroad
Co., Salisbury Railroad Co., Paramount, Morgan
town and Ptttsourg Railroad Co., and Wheeling
P1ttsburg and Baltimore Railroad Co., and as man
aging director Of the Staten Island Rapid Transit
Railroad Co.